An Entirely Different Business Plan For California
The Sacramento Bee reports from California. “Lots of developers are putting up ‘loft’ housing in the downtown-midtown area. But Jeff Kraft says his 42-unit condo project is the real deal. ‘Not to knock the other projects; they’re great. But they’re more ‘apartmenty,’ says the president of Habitat Construction Inc. in Roseville. ‘We’re building true loft space.’”
“Now, even though the building looks far from finished, Kraft expects the first units to be ready for occupancy next month. Prices range from $213,000 for a 395-square-foot studio to $699,000 for a two-bedroom, two-bath, 1,249-square-foot unit.”
“Can Habitat unload them when home sales are tanking and larger high-rise condo projects have flopped? ‘We just think there’s a pent-up demand from people who want to buy,’ Kraft says.”
“Kraft’s team also is optimistic about quickly leasing or selling nearly 10,000 square feet of retail space on the project’s ground floor. Allure Salon already has agreed to buy one spot, says David Herrera of Colliers International, who is handling the project’s retail portion.”
“A second space could be occupied by either a local spa or a sake bar, according to Kraft.”
The Times Herald. “Rozalind Sinnamon-Johnson said she opened Ethnic Notions on Georgia Street two years ago, assuming downtown redevelopment was imminent. ‘I was told in 2005 that Triad would break ground in April 2006,’ she said. ‘I’m a little disappointed that we don’t have the bustling downtown I’d expected.’”
“Vallejo’s downtown building owners and merchants said they’re determined to resurrect the area, despite continued delays by the firm hired to redevelop it.”
“‘Triad is absolutely still committed to downtown Vallejo, and that commitment has never wavered,’ said spokesman Mark Ruebsamen. But costs have risen as home sales prices have declined, making an already challenging project even more so, Ruebsamen said.”
“Meanwhile, several businesses have tried and failed downtown in the past several years, though several others have opened and flourished, said Bill Neads, downtown Vallejo property and business owner.”
“Vallejo City Manager Joe Tanner said recently he doubts the Triad project will ever materialize. This week, the City Council is set to consider allowing the project to terminate if it is found to not to be feasible in a year.”
“‘I think their ‘profit margin’ is marginal and the United States’ credit markets are in the tank - not just for Triad, but for everybody,’ Tanner said. ‘Taken together, both create a brick wall between success and doing nothing.’”
“‘A couple second-hand stores have closed, but Gracie’s Family Barbecue opened, and Baci Ristorante Lounge & Caffe and the new Angie’s Famous Hot-dogs are all crowded at lunch. So is China Wok and the Georgia Street Grill,’ Neads said. ‘And Gracie’s and Baci have live music on Friday nights. When was the last time we had that downtown?’”
“The types of stores able to wait out Triad’s delays, Neads said, are those like his, with an appeal attracting more than passing foot traffic. ‘Vallejo Antiques brings people from out of the area. Ravens Fire, the belly dance place, does, too,’ he said.”
“‘Downtown needs two things - home owners and businesses that are successful,’ said Vallejo Main Street president Robert Briseño. Briseño said it took decades for Vallejo’s downtown to degenerate and it will take a while to recover.”
“Catering to the working class is exactly what Triad had in mind - and then some, said spokeswoman Hatti Hamlin. Suit-and-tie types can coexist with artsy types and blue-collar types, and do quite nicely in other areas, said Hamlin. ‘It’s a perfect fit for Vallejo.’”
“‘There’s a national demographic trend toward young people being attracted to more urban, edgy, diverse areas,’ agreed Triad’s Ruebsamen.”
“A $10,000 donation from Umpqua Bank to Vallejo Neighborhood Housing Services Inc., will go toward helping residents buy homes and avoid foreclosures, an agency spokeswoman said. VNHS is a national nonprofit created to assist local communities by combating deterioration in Solano, Napa and parts of Contra Costa Counties.”
“As a developer as well as an agency helping first-time home buyers, VNHS has been hard-hit by the subprime mortgage crisis and subsequent downturn in the market, said agency executive director Renee Walton.”
“‘Fifty percent of our staff had to be laid off, so we hope prices don’t fall too much further,’ she said. ‘But we’re beginning to see a shift. More people who couldn’t afford the houses here at the higher prices, are coming back and finding more houses in their price range.’”
“Five of the six loans the agency closed in the past six months were for foreclosed-on properties, she said.”
“‘This is a good thing,’ Walton said. ‘It means homes that might sit empty and contribute to blight are going back into the hands of homeowners. If there’s a silver lining to the local real estate market’s downturn, that’s it.’”
“In 2005, VNHS provided 458 families with pre-purchase and post-purchase housing counseling through the Home Buyers Education program, according to a press release.”
The Monterey Herald. “A new deal to keep the massive Dunes on Monterey Bay project moving despite the sour housing market and economic downturn will be up for approval Tuesday by the Marina City Council.”
“The proposed agreement with Marina Community Partners, developers of the city’s flagship Fort Ord redevelopment project, contains major changes in financial terms from the deal approved by the city two years ago.”
“The first phase of the project, a regional shopping center, is mostly completed, and the developer has done a lot of preliminary work on the next phase of the 430-acre project, which includes a mixed-use village promenade area and housing.”
“But the developers, citing a major slowdown in the housing market, asked the city in November to revisit financial terms of the development agreement because they said it wouldn’t make sense under current economic conditions to keep forging ahead.”
“‘This is an entirely different business plan from what we were looking at two years ago,’ project consultant Thom Gamble said.”
“Besides the shopping center, The Dunes calls for about 1,200 homes, a 43-acre business park, two hotels, a residential-retail village and a five-acre cultural arts district. Project forecasts said the completed development could provide 4,700 jobs, a $193 million annual payroll and 3,300 new city residents.”
“‘You don’t want a domino effect from this project not moving forward that could affect projects all across the county,’ said city Development Director Doug Yount.”
“The proposed changes call for more financial help from the city and the Fort Ord Reuse Authority, while the developer has agreed to substantially more favorable profit-sharing terms with the city. The changes should allow developers to move ahead with a focus on the commercial and economic development parts of the project, a council report says. Development of housing likely will be delayed from 12 to 18 months, Yount said, but the physical scope of the project would remain the same.”
“‘We’re prepared to start on residential as soon as the market allows, but it could be two years,’ said Scott Hilk, managing director of Marina Community Partners.”
“‘The project economics obviously are difficult. There has been a significant reduction in housing prices…and the speed at which houses are bought,’ Yount said. ‘Our goal, during these very difficult times, is to keep moving forward with this project.’”
“Without the new deal, Gamble said, ‘If we stop, the redevelopment (of Fort Ord) basically stops.’”
The Recordnet. “The migration of families out of California slowed last year, at least based on the proportion of households using moving vans either to move into the state or to leave.”
“United Van Lines, the nation’s largest household-goods mover, reported last week that 50.8 percent of its California moves left the state in 2007. Still, that’s the lowest outbound proportion for California in the past five years.”
“In 2006, 52.4 percent of its California moves left the state, down from 55.7 percent outbound moves in 2005.”
“Mark Plovnick, VP of economic development at University of the Pacific, said there are a couple of likely reasons for California’s drop in outbound households - both involving the harsh downturn in the state’s real estate market, which has steadily pushed down home valuations.”
“Unless homeowners slash their listing prices, selling has been difficult, he said.”
“And those who otherwise might be using their home equity in retirement - elsewhere, in less expensive states - have seen their worth shrink in the market for now.”
“‘So maybe they’re just staying,’ he said. ‘What we’re not seeing is elective home selling.’”
‘The types of stores able to wait out Triad’s delays, Neads said, are those like his, with an appeal attracting more than passing foot traffic. ‘Vallejo Antiques brings people from out of the area. Ravens Fire, the belly dance place, does, too,’ he said.’
I know what the problem is. Candle making shop. How can you be an urban, edgy, diverse area with out a candle making shop?
I was thinking more of a Cheesecake Factory, Chilis, some Starbucks, and an urban Target and/or Walmart. That would totally rock. Live, work, and play!
Yes, that would make your city stand out from every other city. No, wait….
The chains keep coming into New York City and it’s sad. But what is the little guy to do when the a$$hole landlords squeeze them for every penny they can get? I see storefronts that are empty here for 2 years and more. Those “jeniuses” won’t just give away their special little hole. If you want to transact business in their space then bow down, kiss their a$$ and pay through the nose. Commercial rents are way too high in the Big Apple and I bet it’s the same in California.
Most businesses have been pushed out on the Upper West Side. What’s funny is that the storefronts have been empty forever.
This is retarded (as you can gather.)
The funniest is this building right down the street from me. First they kicked out the tenants, then they kicked out the nail-stores, etc.; then it went condo; then it got its ass kicked; now it’s back to rental at unaffordable prices.
Man, who runs this business?
I Think it is the same everywhere. There are and have been a whole lot of long term small business retailers in Calgary closing out because of the greedy “commercial” speculators. These were what made Calgary a nice small town in the not so distant past. Now it is just plain ugly and greedy everywhere you look. I guess that is why they now call it “Calgreedy”.
The same applies to Vancouver. Just plain ugly and ugly in every way. Think this is all getting almost Orwellian in context and appearance and the social side of the greed mania is probably just as dark as the economic side.
I occasionally visit with a couple who own a business in Fort Collins Colorado. They lease space and always have. In the past 15 years or so they have moved their business at least 5 times. What happens is they get a good deal on a retail space because it has been sitting empty for a while and move in. When their lease on their current space is getting ready to expire the landlord always tires to jack up the rent way up betting that they will pay the increase rather than go to the trouble of moving again. Every time the landlords have bet wrong. This couple always finds another space with more square footage for less cost, and as soon as they sign a new lease for it, they load their inventory and truck it over. Invariably the space they vacate always remains un leased for years after they leave. You would think the commercial real estate moguls in Fort Collins would learn something from this but they never seem to.
What’s up with this Urban-Edgy-Diverse demographic trend? I keep reading about it, but I fail to find evidence of it in real life.
Is it coming out of the same playbook as “Real estate always goes up!” and “It’s a GREAT time to buy!” that the REs use?
Maybe it’s worth repeating. I noticed in 2005 that not only did the obvious bubble markets have a bunch of downtown condo projects, they had actually popped up all over the world! I finally concluded that it had to be a by-prodiuct of the housing bubble, so I started following it from that angle.
I fugure city planner types have always wanted to do this stuff. But as the easy money in the bubble dried up, developers turned where they always do at the end of a cycle; condos and then condo conversions. And what do you know but the lenders were on board too!
The rest was history. The urban lifestyle fad was an off-shoot of the housing bubble and looks silly in retrospect, IMO.
I think the utility of living in the urban area is pretty much gone.
You have crime, polution, high cost per foot but the jobs are not necessarily there.
Some of these guys, like Kraft, and the “apartmenty” remark makes me think “artsy” guy that didn’t do his math homework. Or anything else besides having “artistic vision” and so he will talk a good con game and get some investors cooked.
I had some hope that we as a society would make some kind of effort to revitalize cities and living. The goal would be energy efficiency and preservation of open spaces.
However, the economic efficiency doesn’t seem to be there. Jobs are very fickle and mobile. Cities are breeding grounds for all sorts of bad behaviors and city governments are the worst.
I often get the feeling that cities are slowing going into “Escape from New York” mode. Suburbs are more isolated and the economic divide means lving in the city is a trap. Just like rural Florida or Alabama or any such remote locations.
New York City is much cleaner now than it was 20 or 30 years ago. That’s what I hear all the time. Baltimore, Cleveland, Boston, etc. are all much better than in the ’70s or ’80s. I don’t think the big cities have ever been a paradise and I don’t think we should get too pessimistic.
When I grew up in NYC in the 60s and 70s, Times Square was full of Prostitutes and sleazy theatres. Now its a Disney showplace. Looking for some action? it moved three blocks West
Just like all the Lower East Side junkies, urban renewal moves the trash over a few blocks but doesnot get rid of it
Where are the hookers? I keep hearing about them but I have yet to see one. Where are they? My wife said I could have one for my birthday but first I have to find them. I just have to make sure it’s not a dude.
Where are the hookers?
They moved to Queens - Long Island City.
Where are the hookers? They’re RE agents now.
Must be new to this blog or something.
NYCityBoy, walk into any bar. You’ll find them.
NYCityBoy,
At least 10-15 years ago, all the hookers used to congregate around the office plazas on Park and 32nd or 33rd (if memory serves me right). After 10pm or so most nights (look in the entranceway “caverns” to the plazas), but especially Fri - Sun nites (of course).
Hunter’s point in the Bronx was big, as was Castle Hill Avenue up there near the Hutchinson (maybe they called it the Whitestone Expressway down there - the memory fades….).
Just for nostalgia’s sake, I’d love to know if the Park Avenue ones are still there or if they were “Giuiani-timed” in the great whitewashing that went on…. I GUARANTEE you they never got up as far as Castle Hill and Hunter’s Point.
When you walk into the bar they will be the girls looking at you.
The New York magazine weekly, had a map of where they were and what caliber of hooker you would encounter at those locations.
I recall that mag was sometime in the early 90s.
Research.. I think your wife was joking? lol
“I think your wife was joking? lol”
Maybe his wife is just tired of screwing him on his birthday. I’m guessing the last few years NYC has been getting hammered and doing that “experimenting” thing. Midgets aren’t her thing so she suggests a hiring a pro who’s more adept at handling “experimentation” and, best of all, gets a good nights sleep while NYC goes ape-sh*t in some cheap hotel outside the city……I don’t know, just me thinking out loud.
“New York City is much cleaner now than it was 20 or 30 years ago. That’s what I hear all the time. Baltimore, Cleveland, Boston, etc. are all much better than in the ’70s or ’80s. I don’t think the big cities have ever been a paradise and I don’t think we should get too pessimistic.”
You can thank the birth control pill for that increase in the standard of living.
“I fugure city planner types have always wanted to do this stuff.”
Yup, planners are delighted here, too. Density=good, suburb=sprawl=bad. Except, our downtown seems to be attracting more and more violent crime. Fun stuff!
Dont forget that glitzy new condos and their promotions were perfect schemes to scam investment suckers. No money down, complete in two years with no carrying costs, and flip, it couldnt get easier. But then ask those ppl that tried it Maimi. Down 25% from peak 2005 and still dropping. Oops.
There is a group (of 20 somethings) that meets at USC -The Congress Of New Urbanism, which wants developers to do high density mixed-use projects in urban areas,downtowns,and get us out of our cars. I think Peak Oil will do it by itself. We need light rail, buses that connect to them, and more walking areas in So Ca, but I really don’t think most folks are going to give up SFH lifestyles.
I heard that Starbucks is closing some stores today. Commercial vacancies are going to the moon, IMHO. We built to many retail venues (forgive me ICSC).
Ben, silly is an absurd understatment.
“$213,000 for a 395-square-foot studio to $699,000 for a two-bedroom, two-bath, 1,249-square-foot unit.” in Sacramento!!
If in 2000 you told knowledgable RE people that in 7 yrs dopes would seriously be trying to sell condos for $539/sq ft. they would not believe it, no way no how! Asking $200k for a closet with a straight face!!! As Tx says, you just can’t make this shit up! It even gets worse if these are the prices that it takes to make this deal feasible! Keep in mind that 5-7 years ago $200k would buy you a rather nice house in Sac.
I know sheeple, the ignorant masses, heard mentality and the corrupt REIC….. BUT how messed up one must be to think that $200k for a tiny studio makes any sense at all. You can rent nice condos all day long for $1,000 that are twice the size of the above studio. You can rent a large new home for $1,500!
If anyone signs up for these POS they are the extreme FB, so late to the game with no sense at all! I just can’t see this place moving fwd no matter how gund ho the builder/genius is.
The downtown, urban, “edgy” thing is a function of a couple different factors imo.
Cities are always looking to “revive” their downtowns, and there have been a couple of examples that have been successful. Pasadena, in So Cal, comes to mind. Nevermind that most of the time, it’s just money down a rathole, city councils always are pressured to revitalize downtown, blighted areas and thus, push money into these projects.
Also, and this is key, the r.e. boom has bolstered city coffers, in particular redevelopment revenues. And in Calif. 20% of this money (called “increment”) must be reinvested in low and moderate income housing.
So, you have pressure on the politicians to “beautify” and revitalize downtowns, and you have the means to do so. Voila, urban, edgy, developments built for the low-income homebuyer!
“Urban-Edgy-Diverse demographic trend”
Whats the Edgy part? nervous you are going to get Car-jacked?
Everything ends up looking like the same town down the road.
This globalization thingy is making us all look alike, dress alike, and buy the same sht. to Daycorate our homes.
Goodgrief charlie brown.
While visiting Frankfurt during Dec, a friend said, oh lets go to the christmas market and pick up something we would never see at home. Before the trip I said, go visit this store…and that store.. and sure enough, when in Frankfurt..she saw what I was talking about AND the prices because of the dollar made it cheaper to buy at home at that chain store.
I spent a few weeks in Berlin in early December, 2006. Went to several Christmas markets…there was practically one on every corner. I hired a private tour guide one day and she said one thing that is different in Berlin (or maybe she was talking about the whole of Germany–I can’t remember) is that people replace their tree ornaments every year…because the fashionable Christmas colors change every year. All of the ornament shops were jammed. Each to his/her own, but every one one of the ornaments I own has sentimental or historical value to me.
ditto and who has that kind of money to spend around Christmas time, new colored balls?
I say dip em..like easter eggs..
what are we talking about???lol- colored balls or
schwetty balls from SNL.
“every one one of the ornaments I own has sentimental or historical value to me. “
I was just at the Christmas markets in Vienna and Munich. People typically buy one or two new ornaments every year, but don’t replace all of them every year. I would say that was a bit of an exaggeration.
“every one one of the ornaments I own has sentimental or historical value to me. “
My tree is one giant cat toy and my “sentimental and historical” ornaments all bounce.
I have been the the Christmas Market in Nurenberg. That was about 25 years ago. It was cold and crowded. I looked at a couple of things, bought nothing, and we all promptly retired to the nearest Gasthaus for a gluwein.
The people that fit this demographic and who used to live in these type of places or would like to live in these types of places have been priced out. Those who have the income want to live somewhere else.
Don’t forget the dog boutique.
All this excess retail will be removed from our economy soon and will drive down commerical real estate. We have 39 starbucks in Bakersfield - do we need that many??? In fact there are 3 within a 3 mile radius of where I am at right now…
And to think that I’ve only been to Starbucks once or twice in my life. Part of the reason for such low attendance is that I’m not a coffee drinker. Nor am I one of those “Look at me! Look at me use my laptop!” types that frequent such places.
hey slim
if you ever DO get a double latte batte (whatever they’re called) there are RULES to be followed;
be sure ‘n walk around with arm out in a stiff pose holding coffee cup label facing outward to show the world that;
1) you make a good enough wage to afford prem coffee
2) you are a hip, cutting edge, urbanite by displaying said product
never mind the fact that EVRYONE & THEIR BROTHER buys the stupid overpriced starbucks now, which essentially makes it uncool & passe’. Hey, all you cubicle cows! image alert; when EVRYONE is doing a trend its pretty much over by then on the cool meter. Yer just another mindless drone following the sheople in & out of starbucks trying to buy yer way to an image.
The real trendsetters dont follow trends, they make them.
Truth be told, my mother treats herself to a Starbucks once a week at the grocery store. My father refuses to spend money on such things, and he hasn’t darkened the doorway of a grocery store in years.
And that’s it for the Starbuckery in my family.
Your father doesn’t eat groceries? …no, he let’s your ma go in there and buy the stuff for him. Very independent of him! Considering the traffic jams around Chester County grocery stores I don’t really blame him.
I buy the Starbucks grounds at Walmart and make my own. I do like the taste.
Interesting thing re: Starbuks is that IF you have a Mom and Pop coffee shop nearby, right next door to etc.. your MomPOp business apparently according to recent article, your business INCREASES. Apparently the ‘draw’ is starbuks and then people won’t stand in line and they go to MOMPOP store for better coffee, Frequent drinkers cards, and better food, and Cheaper prices?
Unlike walmart which drives away business, the mompop coffee shops do great biz.
Who knew.
There are multiple types of businesses that do better near a competitor. (That’s actually part of the starbuck’s model, to be their own competitor.) Coffee shops and other ‘first date locations’ become a destination once a group exist around some sort of scenery (a pond fountain is good enough). The same is true of restaurants.
Personally, I like what startbucks has done for coffee. I’m just cheap enough to buy my beans with a coupon.
That said, starbucks is blaming slow sales on the economy. Thus, a latte indicator might be a forward looking way to determine J6P’s spending.
All retail is overbuilt. But restaurants are way overbuilt. People are about to rediscover home cooking. May I recommend a grinding coffee pot.
Got popcorn?
Neil
May I recommend Jack Daniels? He is such a good guy.
We drink coffee at home. But I always treat myself to a Starbucks mocha when I travel. It’s really good, though ‘way overpriced.
Neil:
Its the same with lots of businesses how about 10 nightclubs and bars…all within walking distance of a parking lot or garage. Or a massive apartment complex?
Guys, Starbucks over-roasts their coffee on purpose because they’re using cheap beans. Find a mom/pop nearby with a roaster and buy whatever is fresh that day. You won’t regret it, or my name isn’t Big V
Starbucks gets $5.00 for a cup of coffee. Taco John`s charges $2.50 for 2 tacos. Are you hungry?
Taco John`s, in Loveland Colorado.
“2) you are a hip, cutting edge, urbanite by displaying said product”
A little note to all the “hip fashy crowd” from DOC.
I never understood why someone will go into debt buying fleeting fashion crap, like $1,500 purses, $300 jeans and such, when, bottom line, nobody else (with substance) really gives a s**t that someone spent that much for their stuff. But, somehow, buyers delude themselves into thinking others will really be impressed about THEM as a person for owning/wearing it, but in reality it’s the stupid over-priced item other shallow retail robots are hyped over, not the PERSON. Nothing but a stupid, delusional zero-sum game IMO.
1.) If you blow your $$ on overpriced fashion crap to impress others, you’re fishing to attract shallow turds.
2.) If you blow your $$ on overpriced fashion crap cause you claim you like it and don’t care what others think–then you better have money to burn, cause when said product goes “out of style” (and it will sooner than you think) you just flushed your $$ down the toilet.
Ok, Ok, If everyone’s pissed cause I got off-topic, just substitute “McMansion” or “Downtown Loft” for “over-priced fashion crap”.
Rant off.
DOC
I missed 2 - 5 within 3 miles of me.
I hate going there also, spending $5 bucks on coffee is a waste.
plus their coffee sucks…
I have always found Starbucks snobs to be a little too precious. The coffee you could generally buy pre-Starbucks almost uniformly sucked. I love 7-11 for what it is, but its coffee is best for keeping you awake as you drive home post booty call. Starbucks raised the bar and made much more space for Pete’s, Muddy, whatever your local super-premium coffee place may be. It may not be an amazing Illy, but it ain’t BAD. Of course, it is trendy to hate Starbucks (as it now represents the homogenizing and corporatizing of american sub/urban life), so maybe I am boldly announcing I am not hip. And you do not pay $5 for a coffee. That is for a milk shake with coffee flavoring that makes you fat.
Starbuck grounds cost $6/bag at Walmart. I like their Sumatra. And yes, coffee mostly sucked before they came along and raised the bar.
I am such a cheap SOB, that I refuse to pay more than $1.00 for a cup of coffee, and better be good coffee!
I think I may be the winner here. Until I moved early in 2007 I could easily walk to four Starbucks in my San Diego community. I drink coffee only on the weekends, and I use those little coffee bags that look like tea bags. Much better than that old freeze-dried instant coffee. A colleague gave me a Starbucks gift card for Christmas. She was probably regifting it. I will hang my head and admit I also regifted it.
“and I use those little coffee bags that look like tea bags.”
A good tea-bagging can be a beautiful thing. Keep it up.
Ummm.. wrong forum NYCityBoy
Roasting your own if you enjoy high quality coffee is a viable option as long as you either live in a warm climate (so you can do it outdoors) or have a good vent hood. Many online stores sell green beans and small roasters. Really good cofee can be had for about 5 bucks a pound green if you buy in bulk. If you put a little effort in to learning how to do it you will never go back to the store bought whole beans again. You can even roast in a whirrly pop if you want to save even more money. You CAN’T however, roast in your oven. Isabel.
Agreed. People who frequent the place like to waste $$ and have no sense! You can get just as good java at 7-11 for half the price!! I’m even too cheap to do that - I load up at work for FREE!
F-ck coffee. A green Monster will put lead in your pencil.
Hell, those energy drinks are more expensive than coffee. Just drink two cans of coke and you’ll get the same buzz
Screw that, Nancie-bois: Vivarin by the handful!
“spending $5 bucks on coffee is a waste”
I think if there was no caffeine in coffee–nobody would give a rat’s turd about it, let alone drink it.
I think it’ tastes like crap, gives people butt-breath and it’s base attraction is nothing more than a $5 jolt of caffeine one could acquire for $.05 at the pharmacy.
DOC
I don’t know what you’re all talking about. I sometimes pick up a cup of coffee at Starbucks and it’s only $1.50 and it’s good coffee. Yes, if you buy one of those ridiculously overloaded drinks with the caramel and the whip cream etc. it’s gonna cost you 3 or 4 bucks, but those specialty drinks are expensive everywhere. Hating Starbucks just because it’s trendy is no different from loving it just because it’s trendy.
The reason people spend $5 at Starbucks is because the $1.50 drip is terrible. As someone else posted, it tastes burnt to me.
Even though Oregonians aren’t supposed to support things California, I like Peets much better. Usually brew at home though.
4 Starbucks’ within .5 mile radius in NW Portland (NW21st and 23rd Aves)
“As someone else posted, it tastes burnt to me.”
I have it referred to as Charbucks.
Correct me if my history is wrong:
The word “cafe” means “coffee” in several languages. Cafes were originally places that primarily sold coffee then expanded by serving food and eventually evolved into restaurants.
Coffee shops started out by specializing in coffee sales and have evolved into restaurants.
Now Starbucks is adding a whole bunch of food items to the coffee products they offer. I wonder if starbucks will end up becoming a restaurant.
” this excess retail will be removed from our economy soon and will drive down commerical real estate. We have 39 starbucks in Bakersfield - do we need that many??? In fact there are 3 within a 3 mile radius of where I am at right now… ”
I see a starbucks almost on every corner shopping strip mall in a so-so part of Long beach, about one every 1/4 th square mile or so. A lot of these franchise units will go belly up and the owners will simply Vacate the leased premises and take whatever equipment out they own or more likely leased. Reminds me of the explosion of Subway franchises a few years back when the franchisee’s were complaining about the corporation simply granting out frachisese’s without regard to territory infringments or too many subways within a limited market.
I was once a territorial general manager of a Dominos franchise and at least we always had proper allocation of stores to a given market territory. Our problem was pizza hut also flooding their stores within our territory but i did a lot of aggressive marketing and promotion to maintain sales and volume .
It is rather easy to close up a small convenience food service shop which is losing money and draining the owners pocketbock. Expect to see many of these starbucks close up as only the few with superior location and deep pocketed owners will survive.
SBucks are not franchises…they are corporately owned. I like SBucks coffee, then again, i just get the coffee. Their plain drip coffee tastes good and strong to me and it not overpriced and beats the shit out of seven eleven coffee…imo
Who remembers the Simpsons where they were walking and they passed a Starbuck’s. Right next door was a storefront with a sign that read, “Coming Soon - Starbuck’s”.
McDonald’s is going to take Starbuck’s on head-to-head. Starbuck’s stock was down 47% in 2007. They just ousted their CEO. You see them everywhere but their golden days just might be gone.
I think old SBucks will be around for quite awhile. Let their stock continue to drop, i would like to pick it up in the very low teens.
I have some Montgomery Ward stock, if you are looking for a bargain.
“I have some Montgomery Ward stock, if you are looking for a bargain”
Great–wanna trade for 1000 shares of theglobe.com? That wasn’t one of my finer investing moments.
Worldcom, here.
Montgomery Ward was founded in 1872 and became the largest department store chain in the United States. It didn’t go under until 2001. I’m thinking you probably did pretty well for yourself if you bought stock in, say, 1900 and held for a few decades.
Starbucks has a long way to go before it is over saturated (in the US or worldwide.) Take Chicago. There are exactly two Starbucks south of Roosevelt Road in the South Loop- what some are calling the fastest growing neighborhood in America. They are adding around 10,000 condo/townhouse and single family homes in that area. There are a dozen high rises that already dot the neighborhood and more under construction. There are only two in Hyde Park, the home of a major university.
In comparison, there are 15 McDonalds within the same area.
There is a new Starbucks in my neighborhood in Paris (5th arrondisement) and I was shocked to see that not only are the French frequenting it but they are actually getting coffee in big cups and walking around with them… to go! This is a huge switch away from the typical French cafe tradition where one always stands at the bar or sits at a cafe to sip the local brew. It is very popular.
As I scrolled down the whole coffee conversation, I was thinking of McDonald’s, where I often buy “senior coffee” for less than 60 cents. And it’s not all about caffeine: after noon, I would order the decaf.
I gotta ya beat. From where I live I can tee up 3 golf balls and hit 3 different Starbucks. No Joke! There is one inside the Target, one just outside the Target and one in the shopping center right behind the Target. If you stood on the roof of target you could throw a golf ball into the other two. What a freakin joke….
I’d do that too but for some reason the Target security guy seems to frown on me hitting golf balls inside. Go figure.
Actually the dog boutique is the one idea I think has staying power. They just opened up a doggy day care/grooming place near my parent’s place in Honolulu — it seems like it is really popular. I really think when it comes to pets, people throw common sense out the window.
Until they are totally broke; Then fifi is let loose in the jungle to fend for herself. People will spend on pets, but there is a limit. The days of MEW for a pet are over.
This bubble got so out of hand…
But now those candle shops…
Got popcorn?
Neil
Candles be used for birth control if you decide to let your pet run wild.
Dog boutique. This one made me laugh as it it hits home. My BIL started one of these about 3-4 months ago. Gonna make him millions. Don’t get me wrong there are a ton of suc..er, customers out there w/dogs they want to dress up as Santa or a football player.
Anyway, I have to believe this is going to be conspicuous consumption that will die off soon.
Down south there were a lot of guys that liked to dress up goats in special outfits but their motives were different than what you would see at a doggy boutique.
NYCityBoy, you are certainly frisky this evening..
mymymymy-
lol
Those guys are known as taxidermists because they like to mount animals.
“their motives were different than what you would see at a doggy boutique.”
As far as you know! Ever been to a doggy boutique after hours?
Triad is one of our own up here in Seattle. Vallejo officials did a tour of Triad’s Seattle projects before deciding to do the deal that’s now souring for them.
Last year, the Seattle City Council demolished old City hall and sold the cleared block to Triad to do exactly the sort of project Triad is now failing to do in Vallejo.
Our local MLS just released its monthly report, and we’ve finally hit our first YOY price declines in dear, special King County. Suspect Triad will soon treat Seattle to a Vallejo-style renege.
“‘Triad is absolutely still committed to downtown Vallejo, and that commitment has never wavered,’ said spokesman Mark Ruebsamen. But costs have risen as home sales prices have declined, making an already challenging project even more so, Ruebsamen said.”
I’d be willing to bet costs haven’t risen but, instead, have fallen. The market has crashed, would be more to the point.
Can Habitat unload them when home sales are tanking and larger high-rise condo projects have flopped? ‘We just think there’s a pent-up demand from people who want to buy,’ Kraft says.”
They can buy a “real” existing home with more square footage for those types of prices Mr Kraft, why would they buy a loft in Roseville ?
not that it matters but i think the lofts are in sac and the company is based in roseville.
i’m just amazed at his concept of pent-up demand. i live in the ba and while i do think there is some pent-up demand, it’s more the folks like me (and there are lots of us) who could have bought but thought prices were out of control even in 2002 (or before). so i don’t think the pent-up demand is going to make itself felt for a while. and certainly not for 699k lofts in sacramento.
If pent-up demand were any indication of future activity, I can look forward to an orgy this coming weekend. Sweet.
$213,000 for a 395-square-foot studio
Is this guy on crack? $213000 for a 20×20 square?!?
No, it’s a shotgun configuration; Its 5X80.
Trying for the Urban-Edgy-Anorexic demographic…
2 x 200
That is funny $hit since our first New York apartment was about 400 square feet so I can relate. But it only cost us $2,200 per month at the time. How could we pass on that deal?
The ability to live in the center of where its all happening is a luxury that not everyone can, or should be able to, afford.
Good one. Nothing like some 30k millionaire logic to keep the humor level up. I wonder what party kids from the 1920s did in the 30s to earn a living? I imagine the transition was painful.
I have it on good authority (from an 87-year-old friend) that the transition was quite painful.
My grandfather used to tell stories about The Depression- though his were mostly of viewing the lives of people who were actually affected by it… seeing lines, and desperation.
His family was not affected, because he said they were so Po’ they couldn’t afford the other o or the r, and that made them Po’ enough that during the Depression they couldn’t tell there was one.
My grandparents *all* sat me down to ensure I knew how to survive a depression. All noted the need to be known for a good work ethic.
As to the desperation… what do you say to a grandmother who admits the strong abhorance of theft in our family is due to her guilt in setting up a scheme to steal chicken from the school so that her siblings had meat once a week?
Another side were dentists. Completely unaffected. Miss a cleaning? Fine. Come back in six months and pay cash on the barrel for a root canal. (Its the one profession that saw an increase in standard of living during the depression; partially as few could afford the schooling to enter the field.)
May of the 1920’s kids couldn’t learn that they weren’t ‘too good’ for certain work. My other grandfather talked a lot about taking week long construction jobs and returning to find another friend had starved/gotten ill and was buried due to lack of funds (due to the lack of a work ethic).
Neil
My dad was born in 1912 and his parents seemed pretty solidly set up because gdad worked for pac bell. But dad couldn’t get a job there just because of that because all the guys had sons. But he hung around and hung around and finally got a laborer job stringing up those big power lines from Boulder Dam to LA. Then he got on as a white-collar guy and hung on for dear life. I found his diary after he died and he was one miserable cat until he retired at 65 but he got a good pension and lots of stock.
When I finally had to ease out of the music biz and get a day job, he told me to go back to the job service and bug them. I did and I’m still at the same job they found for me.
My grandparents were born between 1900-1910, and I had talked to them about the 1930’s quite a few times, since I was curious about the time my parents were born. What I recalled that people and families were pulled closer together. Several generations were living together to make it through the time and supporting one another. My great-grandfather lost all money and never recovered from it till he had died (due WWII and postwar collapse). My grandfather did well through the 30’s since he was state employee and had fixed, steady income, they had rather very good living standard with all modernity the time had. Men were hit harder than women because many of them worked in factories, railways, and so on. Women worked in services and they were less affected but also earned less. One lesson from 30’s all my grandparents learnt was never get into debt. My grandmother would pay for everything only with cash: car, household appliances, foreigner vacation. This generation was terrified to go to debt and refused to borrow money for anything.
One of my father’s favorite stories was of a 1928 job interview at the “Phila Iron and Steel Co” - he had recently graduated from college, and was talking about his knowledge of industrial engineering. The interviewer said, “I don’t care if you have a pee aitch dee, can you climb those pipes over there?” My father got the job, and kept it through the worst of the Depression.
My father was born in 1921 (deceased) and my mother in 1923 (living). My mother’s parents (New Englanders - both college grads) had to sell their house and move into an upstairs apartment, where they lived ’til they died. My paternal grandfather (Southerner) was a farm equipment salesman - you can imagine how well that went in the 30s. So both of my parents grew up in good, well-to-do families and then became quite poor in their late childhood - and then fought tooth and nail to get back on their feet and stay there.
Sounds like the Depression was over by the time your parents graduated.
Hardly. First there was the Depression, then all men went to the War (an exciting improvement for most), women worked in sweatshops and there was rationing, then no housing when everybody came home (the mid-late 40s), then the Korean War and the Communist threat. In a way, the Depression didn’t end until the 1950s.
One of my old math professors (who I got to know very well then and later) told me that when he graduated from college in 1929 (I think) fellowships and assistantships were essentially drying up. He spent the entire next year studying math like 12 hrs a day, applied the next year when the acceptance rate was less than 5%. He got it, took courses he’d spent the prior year studying and was tops in his class. Good thing, they dropped the bottom 75% for the 2nd year. If you didn’t qualify for the MA the 1st year, too bad, good-bye. He said desperation during those times was so thick you could see it in every person, cut it with a knife so to speak.
I didn’t know downtown Sacramento is where it is happening.
There’s really nothing happening anywhere in Sacramento. No culture to speak of, literally only one art museum. But young state workers like to live downtown - nice restaurants and some clubs. There’s more going on there than anywhere else in town.
My grandmother used to call Sacramento a “big cow town”
She was right.
Aren’t jails usually downtown?
If I were ever going to live downtown it would have to be SFran or NYC. these other places are fantasizing.
I feel so lucky. Thank you NotinMontana.
Riddle me this, Batman, “Where the Phuk is Roseville?”
About 20 miles northeast of Sacramento off I-80
Make a right where the the old red school house used to be, go about half a mile and you will see the entrance to Batman’s cave.
The $500+ per square foot in Sacramento seems fairly unattractive even though it’s for new housing. Wish prices on the MLS in Morro Bay for properties below $600K have now fallen to an average of $399/s.f. (I don’t know that more expensive properties are any different, I just haven’t made the calculation.) The MB mixture is mostly shacks, some condos, and a fair number of them are ocean-view; most of the rest are within walking distance of the beach anyway.
395sq.ft…. Un-Frickin-believable! Anyone that buys one of those closets deserves to be crushed!
HEck 395sf is huge in NYC. I recall looking at a walkup and the apt was studio of 295 sf at $900.00 with no view no doorman, no charm nada, and that was cheap. 1989
$2,000 now if it is in a decent area like the West Village.
Kapow batman…sheesh. 2,000k?
It was upper east side in 80’s.
Please don’t add another #…this is scary. Didn’t want it at 900$ much less for $2,000.
$213,000 for a 395-square-foot studio
Is this guy on crack? $213000 for a 20×20 square?!?
And… it’s a loft so you don’t even own the property it sits on.
I think those dudes took some Orange Sunshine that was cut with Agent Orange.
der Governater BlackVader announced that no new taxes would be needed to ward off a looming $14 budget gap…
Cut! It’s a wrap
$14? Heck, if that’s all it is, I’ll cut him a check myself –problem solved!
Sorry,
Left out a few zeroes: 000,000,000.00
A cut in certain services would be welcome. For example, the parking meter man who (on a Friday last March) was systematically ticketing cars parked near a sign that was missing its “no Friday” addendum. Guess he was not a state employee anyhow, but you get the point.
Hey, don’t cut the parking meter guy. He’s bringing in revenue!
TSA jobs abound. (thousands standing around) Security jobs in any state that has an airport, well, we are all paying for it, FT is 29,979 + benefits, and the joy of watching people undress partially, and PT is $14.97 hr.
Guaranteed job.
And boredom.
they work harder than 90% of fed workers
Speaking of TSA, any of you SoCal’ers using Ontario airport, check out one of their agents in the morning shift. Incredibly gorgeous blonde,built like a runway model, what the heck is she doing in that crappy TSA uniform? I would gladly leave an Aquafina in my luggage if there was any chance of getting frisked by her!
Hmmm… you must subscribe to the “broken windows” theory of economic stimulus.
Yeah, the 2 page ad in newspaper was scary, considering the turnover rate indicates total boredom in this job mkt.
2 yrs ago the TSA was offering $500. if you lasted the summer.
Heck you can get a job with Blackwater after that?
Or be body guard for some celeb?
You wouldn’t want to live here in queens you have to pay until 10pm at night but sundays are free The main hwy Queens Blvd is 1 hour meters and they have been ticketing people at 930 pm on a saturday night $45 ticket!
“A $10,000 donation from Umpqua Bank to Vallejo Neighborhood Housing Services Inc., will go toward helping residents buy homes and avoid foreclosures, an agency spokeswoman said.”
Chuckles…drop, meet bucket…….
“‘There’s a national demographic trend toward young people being attracted to more urban, edgy, diverse areas,’ agreed Triad’s Ruebsamen.”
Too bad young people don’t have any money to buy, but us old fogies who do don’t care about “hip and edgy”.
Not to worry, Mo, we’ll save a lot of money by being un-hip and un-edgy.
BTW, this is way OT, but that rain that pounded CA over the weekend has finally decided to fall on Tucson. (We’ve been awaiting it since Saturday.) I guess it liked the Golden State better.
We got that rain today in Phoenix, it was a dry rain
“‘There’s a national demographic trend toward young people being attracted to more urban, edgy, diverse areas,’ agreed Triad’s Ruebsamen.”
perfect place in dwtn LA is a small former industrial strip converted into avant gard lofts along with small Paris -like street cafes. This on 800 block E. Traction ave just east of alameda ave. Real edgy district with homeless derelicts roaming about but the young hip artists and beatnicks reside there in converted former industrial blds and warehouses with secure coded entry and call boxes.
Peter - I hung out there in 1989-1991. Edgy and hip then…. Certainly not a new occurance. Traction Ave and the lofts were always attracting artsy people…
Used to be that young people were attracted to downtown areas because living spaces were unconventional, rents were dirt cheap, and you could get wildly creative with the space. I lived in an old warehouse in downtown San Diego pre Gaslamp Quarter, and friends lived in an abandoned church and ice cream factory, and it was a fun experience, even with the vagrants and addicts roaming around. It cracks me up that loft spaces these days are all tricked out by architects/designers so the occupants don’t have to bother with cobbling a cool space out of salvage construction material. But that would require too much work, and the couch might not match the granite countertops.
“‘Triad is absolutely still committed to downtown Vallejo, and that commitment has never wavered,’ said spokesman Mark Ruebsamen. But costs have risen as home sales prices have declined, making an already challenging project even more so, Ruebsamen said.”
Interesting choice of names…
http://en.wikipedia.org/wiki/Triad_society
‘We just think there’s a pent-up demand from people who want to buy,’ Kraft says.”
Kraft better get used to the idea of subsisting off his macroni & cheese namesake.
Kraft won’t be able to afford Kraft Mac&Cheese, it’s going to be the hip & edgy store brand for him.
I love mac&cheese, and Kraft is the best-tasting brand, hands down.
When I was a kid my mother was always cooking it, she liked it. No one else in our family liked it except my dog. He LOVED it so they’d split it. Everytime!
He will not be able to afford it on a Ramen noodle budget.
True story from yesterday: we went looking at SFRs and condos all over the west side of L.A. (We only ran into maybe 4 or 5 people all afternoon. NOBODY is looking right now!) Anyway, at one multistory condo between Olympic and Santa Monica I pissed off a realtor something fierce. It was a run-of-the-mill 2+2 going for $715K. It had been on the market since June, reduced once from $735. I asked the realtor about it and about why the reduction was so small. She said they had actually had an offer but that “they buyer got cold feet.” I said, “Oh that was smart. He must have done that because this place is ridiculously over-priced.” She got a look of cold fury on her face and grumbled “Thank you for bringing that up. You have a nice day too.”
Sheesh! Methinks that realtors who haven’t made a commission in 6 months are starting to get ornery!
I should have told her that was not the proper attitude for a future Starbucks barista.
Bubblefucious say:
Low-ball offer today look much better tomorrow,
when you are on knees.
ahh I remember my old Bubblefucious master well …
Bubblefucious say to young grasshopper:
only when you catch sales flyer in one hand while holding contract with the other while throwing car keys on roof can you walk out of sales model to outside world/
I miss Bubbles the Clown. He was funny.
Amen, Bubbles was a master.
I saved one of his post that was hilarious. I bookmarked it on my work computer and will post the date / link tomorrow.
Cool!! Good job - keep it up!! They need to be put in their place!
lol
I’ve had a few fellow bloggers invite us to do an open house tour. I plan to once it warms up cruise the open houses again. I have files labeled by view data of a few hundred open houses me and the misses have toured. I don’t plan to view many in 2008. But it should be amusing.
Got popcorn?
Neil
I visited two open houses yesterday, both overpriced. The first contained a nice realtor who said that she was only able to talk the owner into a small price reduction. It was a duplex, and she openly pointed out that the rents would not cover the costs. She was like a breath of fresh air. The second was a 1.299 million dollar first open that was chock full of people. It’s a beautiful house in an old neighborhood, but the inside contained old cracked tile, dated wallpaper, etc. Houses in this area typically sell quickly, even in the current depressed Sacramento market. I guess there is a small core of wealthy people who are willing to spend a huge chunk on an old house in a nice neighborhood.
The agents need to be telling their sellers to
Lower their prices NOW.
But apparently, sellers aren’t listening. Yet.
they can’t give them away
Next door, husband went into Openhouse ( 3 wk in a row daily) and said $419 is way to high, agent said, make an offer.
Still on the mkt.
I suggested $319 on the mls..to no one in particular. Just for starters.
“agent said, make an offer.”
“Okay. I’ll give you twenty bucks for a handjob.” She didn’t say it had to be an offer on the house.
lol
Why didn`t you just tell her it was too muckin fuch??
Starbucks will be closing many stores, since this company over-expanded and had many underperforming facilities throughout the country. She will need to find more stable job than barista…
Yeah, I would want to pay $700K for a 1200 sq ft apartment near Sac. Count my family as one that left California in a moving van in Feb 2006. Housing so much cheaper than the Bay area I left. And making payments on the cheaper housing is still enough. I can’t even fathom how CA area folks even picture paying $500K and up (past $1M) for basic housing is beyond me.
Kraft expects the first units to be ready for occupancy next month. Prices range from $213,000 for a 395-square-foot studio to $699,000 for a two-bedroom, two-bath, 1,249-square-foot unit.”
Mr. Kraft, would I be better off trying to fit my family (2 adults and 2 kids) in one of your 1249 sq ft $700K jobbers, or the 2700 sq ft 5 bd home we actually live in for under $300K? Can you answer? It is a tough thing to decide? Bigger house and much smaller payments, or small box and payment I can’t handle? Which one? I just can’t figure it out? Any ideas, Mr. Kraft?
Don’t you want your kids to be hip & edgy ? , what kind of cruel parent are you ?
Well if your kids had big wireless laptops thy could do everthing on them, so no need for a big desk, or even a tv set.. they will watch the tv shows or movies on the laptop…
and you can eliminate non essential furniture like a love seat lounge chairs or a big kitchen table since rarely you will all be eating at the same time. Or bookcases, since no one reads books anymore its all done on the laptop. you either buy a Murphy bed or a loft bed and the kids have some space under it to play or sit and watch their laptop.
So YES need to leave ca…….once you become eco-friendly and minimize your lifestyle & home, 1249sq ft could be a lot of room for all of you.
“United Van Lines, the nation’s largest household-goods mover, reported last week that 50.8 percent of its California moves left the state in 2007. Still, that’s the lowest outbound proportion for California in the past five years.”
I’ve been waiting for the United Vanlines survey and I’m surprised that the Calfornia numbers are so low! How is that? Are the stories about people abandoning common more than occasional and rather common?
Ok, I finally got through to the report…
Florida was inbound?!? (50.1%… so really close)
With the color map showing the usual California destinations as “high inbound” as well as the Florida destination as “high inbound,” I’m wondering what is missing from the survey. I do not doubt United Vanlines numbers. What I wonder is are people abandoning their crap in the foreclosure states and moving via a U-haul trailer towed behind their SUV?
Overall, California, Florida, and DC were not what I expected. Well… I also expected Colorado to be high inbound (due to California), but I guess their economic problems drove people to the other nearby states.
My… it will be interestng this year.
Got popcorn?
Neil
There are still jobs here. (BTW If you are a sparky we might need you)
I think when a few companies leave then it will start the down hill avalance.
First few big compaines leave due to costs…
…then a few more in down times instead of forced layoffs (gets rid of old timers and deadwood)
…then values crash and money/resources get tight in municipal budgets
… then cops/teachers/firemen get laid off
… then crime kicks up in earnest
… the good young people with families leave and follow the jobs
… the criminal element has no such urge and turns into a massive depression
and then you are suddenly in Flint/Detroit MI or Northern PA or Bethlehem or Allentown PA or Camden, NJ or Newark, NJ or most of Atlanta.
It would be odd but its certainly possible that this area really falls badly. Especially if water problems and Mexicans become even more of a problem.
Even the LA southbay.
Outbound REIC personel leaving by vintage cars with the shirts on their backs and Trailways in the dead of night, MAY NOT be counted in these surveys
My kids will get hip and trendy on their own. I want them to be financially responsible, have room to play, parents have the ability and money to spend time with them, have room for grandparents and other relatives to come and visit, place for their friends to play, etc. Better done with bigger house and much smaller payment, of course.
You had me until you mentioned room for the in-laws to come and visit.
I’m with you. I’d rather live in a dumpster.
After 25 years, I banned them from the house. Now my husband and sons travel to visit them once a year. I’m very happy.
Jeff Kraft, President of Habitat Construction, says of his development in Sacramento, Ca, “There is a pent-up demand….” Correct. And when property becomes affordable that “pent-up demand” will break free. Slowly.
However, that “pent-up demand” will not break free until prices reach the affordability stage and those shoe-box lofts of 395 square ft for $213,000 have to drop to around $100,000. If any idiot does buy at $215,000, he/she deserves to live in a shoe box. Additionally, if any idiot buys one of your 1249 square ft. lofts for $699,000 in a place like Sacramento, where the default rate is thru the roof and with worse to come, he/she needs a good psychiatrist to see what part of the brain isn’t working. Jeff, save some of your construction loan for a good bankruptcy lawyer.
“$213,000 for a 395-square-foot studio”
395 sq. feet?? For what, someone’s pet gerbel??
DOC
I rented an 1100 sq ft apt 2bd dtn Sac in ‘01 and left in ‘05. Starting rent was 1200. Paid 1500 the last year. Brand new bldg, Starbucks on first floor. I have lived in MN,NJ,VA,DC,FL. SAC is perhaps the worst place I have ever lived.
Let me guess… not enough heat during the summer?
I used to call parking “the great race for shade”.
Shady spots are designated Handicapped spots, the trees that are further back have been cut back..no shade..for those of us not “handicapped” with tags.
Agreed on the ‘race for shade’.
Sac has the worst weather I’ve lived in in California. But it beats Detroit, where I was raised.
Bear Stearns CEO dumped
http://www.thestreet.com/s/bear-stearns-ceo-to-step-down/newsanalysis/banking/10397443.html
The poor ba$tard probably won’t get but $100 million to reward him for his years of faithful service. I wish I had his address. I’d send him a card.
LMFAO!!!
I just want to clue you guys in to this website, which is showing promising negative “appreciation” in the Bay Area neighborhoods that I checked (even though DataQuick has been suspiciously reporting gains all over the Bay Area).
http://www.bestplaces.net/zip-code/San_Jose_CA-79512600000.aspx
I have a friend in SJ who works for the county, ostensibly helping people find affordable housing. I have often thought that her job is typical govt make-work, and that her best contribution to helping people find af’bl housing would be for her to move away.
…$213,000 for a 395-square-foot studio…
BWAAAHAHAHAHAHAHAHAHAAAAA!!!!!!!!
Don’t you just love it Blacque. In Sacramento no less. I have to add a double BWAAAHAHAHAHAHAHAHAHAAAAA!!!!!!!!
My master bedroom is bigger than that in a 1500 a month rental.
I could live fine in 1200 sq ft. We lived in a 800 sq ft apartment in CA for 4 yrs with first child. I don’t want a $700K mortgage. And it is nicer to have more room for the kids, at a much less price of course. My inlaws are nice. They are coming from India. Quite a distance of course. I get along great with them.
“VNHS is a national nonprofit created to assist local communities by combating deterioration in Solano, Napa and parts of Contra Costa Counties.”
…
“Five of the six loans the agency closed in the past six months were for foreclosed-on properties, she said.”
“‘This is a good thing,’ Walton said. ‘It means homes that might sit empty and contribute to blight are going back into the hands of homeowners. If there’s a silver lining to the local real estate market’s downturn, that’s it.’”
Is anyone counting how many of the homeowners who were ‘helped’ by these well-meaning nonprofit organizations later discover they were ‘helped’ into an unaffordable loan on a falling knife asset?
Hmm and not word here about the former Ft. Ord/Marina project. How odd… I drive past the project about every month on my way to my sister’s place. She has sweet deal at the former officer’s Apts housing fro CalState Monterey Bay adjacent to this project. She takes at least 2 classes and can rent a 2/1 for 1000/mo util. incl. She pays phone & Cable. She has a great job there and banks the savings from NOT buying. But seriously most of the jobs in Monterey are argirculture, tourist or retail. No way can they support the median of 620K. Marina is not exactly ‘in town’ either, in relation to Monterey. Have you been to Marina? Still needs a good douching if you ask me…
Is anyone counting how many of the homeowners who were ‘helped’ by these well-meaning nonprofit organizations later discover they were ‘helped’ into an unaffordable loan on a falling knife asset?
I love all the Orwellian double-speak that was used to obscfucate the real intent of such grants (further inflating the bubble), e.g. calling these types of devices as “affordability loans”.
I cringed a few months ago, when Hilliary decreed that the answer to the credit crisis was to further RAISE loan limits: can you spell idiotic bubble inflating?